More Than 7.5 Million Chinese Use Crypto-Related Apps, Analysis Shows

Kevin O'Brien

The number of Chinese citizens using cryptocurrency-related applications has eclipsed 7.5 million, according to recent analysis from Nasdaq-listed Jiguang. 

This figure represents an increase of 230.84% since September 2017. 

The company collects data through application developers who install software that lets Jiguang maintain the ability to harvest user profiles and habits. It sometimes mines data to help firms carry out targeted marketing endeavors.

Jiguang made headlines across the world back in the summer after it detailed plans to launch an initial public offering in New York in an attempt to raise $300 million. It raised $77 million after a July 26th IPO date, according to CrunchBase.

Reporting by Baidu breaks down the statistics, which point towards a big jump in the number of female app users. As of September, 32.3% of cryptocurrency application users were female, up 8.7% from the same point last year.

Baidu writes how the information suggests the gender disparity in China’s cryptocurrency space “seems to be narrowing.”

Younger People Flocking Towards Crypto-Apps

The statistics show an increase in the number of application users under the age of 25 (13.1%), compared with figures from September 2017 (10.7%). Over 70% of application users are between 26-35 years old, according to Jiguang.

The statistics also point towards a tendency for those in lesser-developed regions to use cryptocurrency applications more than those in “first-tier cities.”

27.3% of crypto application users are identified as living in cities classified as fourth-tier and below, while 12.7% of users “are distributed in first-tier cities.”

As of September, the cities with the highest percentages of cryptocurrency application users include Shenzhen (3.92%), Beijing (3.58%), and Shanghai (2.8%).

According to Jiguang, the most popular application choices for users are imToken, Firecoin Pro, and OKEx. It says close to 60% of application users just have one application installed.

Crypto Crackdowns Continue In China

Chinese officials continue to maintain a heavy hand against cryptocurrencies despite the usage figures of associated applications.

A deputy governor People’s Bank of China (PBC) commented on December 8th how the security token offering (STO) business is "still essentially an illegal financial activity in China."

Additionally, Pan Gongsheng indicated cryptocurrency is “an accomplice to all kinds of illegal and criminal activities.” He also noted “most of the financing operations conducted through ICOs in China were suspected of being illegal fundraising, pyramid sales schemes and other financial fraud."